At Salient Insolvency, we make it easy for company directors to work out what they might be able to obtain in a redundancy settlement thanks to our handy, online calculator. Simply enter a few details into the online assessment tool and it will give you an approximation of what the value of your director’s redundancy might be. This is a good first indication of how much you might be entitled to given the current state of your firm’s financial affairs. Of course, there are many factors to take into consideration with business finances, especially those of limited liability companies. That said, understanding the level of redundancy pay you could claim will go a long way in helping you to establish which course of action to take next with your business.
Please note that limited company directors are entitled to claim redundancy in the event that their firm goes into a formal company liquidation or closure process. You might not want to begin these sorts of proceedings until you have checked the director redundancy entitlement that could be on offer in your case. If you were to choose to proceed with a voluntary liquidation process, such as a Creditors’ Voluntary Liquidation, or CVL, knowing exactly what the directors of your firm would be entitled to claim beforehand would be beneficial. Before deciding on any particular company closure or dissolution route, confirm the level of redundancy pay, as well as other statutory entitlements, you might be entitled to.